National Alzheimer’s Awareness Month: Estate Planning Steps to Consider
November is National Alzheimer’s Awareness Month, a time to raise awareness about the impact of Alzheimer’s on individuals and families. It also serves as an important reminder for everyone—not just those currently affected by Alzheimer’s—to plan for the future. Since Alzheimer’s and other forms of dementia can arise unexpectedly, early estate and long-term care planning can help shield families from emotional and financial devastation, ensuring loved ones are supported and assets are protected.
Specific estate planning tools can provide critical protections for individuals and families facing Alzheimer’s. Here are some key options:
Durable Power of Attorney: This document allows you to designate someone to make financial decisions on your behalf if you are unable to. By choosing a trusted person as your agent, you ensure that your finances are managed according to your wishes as Alzheimer’s progresses.
Living Will and Healthcare Power of Attorney: These tools let you outline your preferences for medical treatment and end-of-life care. It also allows you to appoint a healthcare agent to make medical decisions if you are unable to communicate. This gives your loved one’s guidance during difficult times and ensures your healthcare choices are respected.
Revocable/Living Trust: A revocable/living trust allows you to manage your assets during your lifetime while making provisions for them to be managed or distributed if you become incapacitated. If Alzheimer’s affects your ability to handle finances, a trustee you designate can step in, providing continuity and reducing the need for court involvement.
Irrevocable Trust (such as a Medicaid Asset Protection Trust): For those considering future long-term care, an irrevocable trust can help protect assets from being spent down to qualify for Medicaid. Assets in these trusts can be preserved for family or future needs while making it easier to access Medicaid assistance when the time comes.
HIPAA Authorization: Alzheimer’s can lead to medical and memory care needs where family members must have access to healthcare information. A HIPAA authorization form grants your loved one’s permission to speak with your healthcare providers, ensuring they can advocate for you without legal barriers.
Guardianship Designations: Although it is usually a last resort, a guardianship designation names someone you trust to become your legal guardian if a court deems it necessary. This protects you against the risk of a stranger or someone unfamiliar with your wishes being appointed if you can no longer make decisions.
Early preparation offers peace of mind, ensuring that your wishes are honored, and your loved ones can make decisions smoothly, without legal barriers. For personalized guidance on your options, reach out to Wilson Law at 866-603-5976, or connect with us through our online contact form. We are here to help you protect your future.
